Investments in our Community

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June 2, 2022
Yesterday afternoon, I was proud to join Governor Lamont, Lt. Governor Susan Bysiewicz, Rep. Leeper and legislators from both sides of the aisle as the Governor signed a series of bills that invest in children’s mental health, childcare, and support for schools, parents, teachers, and providers.
As part of the bipartisan working group on HB 5001, I saw how hard our committee co-chairs worked together with our working group, led by Rep. Exum. It was tremendous teamwork by legislators, staff, agencies, the executive branch, and our providers to make this much needed investment in children’s mental health and support for families.
 
The budget includes hundreds of millions of dollars that will fund new investments in childcare, school readiness, mental health services, and provider recruitment and retention. It was an honor to play a role in this landmark legislation.
 
And while I am grateful for what we accomplished, I see clearly that there is much more work ahead as we collectively move forward during these difficult times
 
 
Great Economic News for CT
Over the years, I have spoken about pension liabilities and their impact on Connecticut’s fiscal future with many members of our community. I am thrilled to share that Connecticut's general obligation bond outlook was just raised from stable to positive by the credit rating agency Standard & Poor’s (S&P). This pivotal economic news is due to our historic payments toward our unfunded liabilities, a record rainy day fund and smart investments in the future of our state.
The historic budget adjustment package we passed in the 2022 Legislative Session promotes financial responsibility while still cutting taxes and making meaningful investments in our communities. Connecticut currently has a $4.8 billion budget surplus and a $3.1 billion rainy day fund – the legal maximum for the state. 

According to the latest

budget estimate from Governor Lamont's administration, our state is poised to pay down an additional $3.6 billion toward the long-standing unfunded pension liabilities. This pension payment is in addition to the $2.9 billion scheduled payment. Utilizing our budget surplus to pay down pensions puts us on a solid fiscal footing for the future and helps to save taxpayers' money. While we still have more work to do addressing our legacy pension debts, these supplemental payments are expected to drive down the minimum required contributions the state must make by as much as $400 million a year, freeing up those resources for other priorities.

If you have any questions about these new developments, please reach out to my office.
 
Community Investment Fund
Last year, I voted for the future of all of our communities by establishing the $875 million Community Investment Fund (CIF). This is a transformational opportunity to invest in underserved communities in Connecticut, especially our cities, through economic development and small business, education, and infrastructure projects.
 
The CIF allows $175 million per year for the next five years in bonding, with the option to renew the program for an additional five years. This funding will be directed to projects proposed by eligible municipalities, community development corporations, or nonprofit organizations.
 
These eligible municipalities, some of our most economically vulnerable communities, can receive grants available through the CIF for:
  • Capital Improvement Programs: brownfield remediation, affordable housing, infrastructure, clean energy development, and home or public facility rehabilitation
  • Small Business Capital Programs: revolving or micro loan programs, gap financing, and start-up funds to establish small businesses

I bring attention to this program, as constituents sometimes ask what is being done to invest in our cities, whose health and vibrancy benefit the entire region.

Applications for the fund have been posted on the CIF website, the deadline for the first round of CIF funding is July 25, 2022.
Apply for the Fund
Learn More About the Fund
Review the Grant Process
Board Meeting and Information
I am grateful that communities will be recognized with the investments that can be made through the CIF. A special thank you to the Black and Puerto Rican Caucus leadership and the Speaker of the House Representative Matthew Ritter for all their hard work to create this fund.